UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
(Rule 14a-101)
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934
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☑ | Definitive Proxy Statement | |
☐ | Definitive Additional Materials | |
☐ | Soliciting Material Pursuant to §240.14a-12 |
Thor Industries, Inc.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
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Proxy Statement This Proxy Statement is provided in connection with the solicitation of proxies, by order of the Board of Directors (the Board or Board of Directors) of Thor Industries, Inc. (the Company, Thor, we, or us), to be used at the 2019 Annual Meeting of the Shareholders of the Company. The proxy card or voting instruction form sets forth your holdings of Common Stock of the Company. We expect that, on or after October 30, 2019, this Proxy Statement will be available through the Internet. |
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Proposal 1. Election of Directors
Each of our currently serving directors has been nominated for re-election to serve a single-year term. Each of these individuals has agreed to be named in our Proxy Statement as a nominee and to serve as a member of the Board of Directors if elected by the Shareholders. In making this nomination, our Board recognizes that it is of critical importance to the Company that the nominees are individuals who bring crucial skills and unique voices to our boardroom, and the Board carefully considered each nominees contributions to the Board and his or her unique skills and qualifications.
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Board meeting. The Diversity Policy requires our Board to obtain an initial slate of candidates that includes qualified candidates with diversity of race, ethnicity, and gender. In considering candidates for our Board, our Nominating and Corporate Governance Committee considers the entirety of each candidates credentials, in addition to diversity, as they fit with the current composition of the Board. We consider our Board of Directors to be a valuable strategic asset of our Company. To maintain the integrity of this asset, our Board of Directors has been carefully crafted to ensure that its expertise covers diversity of experience and perspective, and these attributes will continue to be considered when nominating individuals to serve on our Board. With respect to the nomination of continuing Directors for re-election, the individuals contributions to our Board are also considered.
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BOARD RECOMMENDATION
THE BOARD OF DIRECTORS RECOMMENDS THAT THE SHAREHOLDERS VOTE FOR THE NOMINEES. |
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| Evaluate qualifications and candidates for positions on our Board using the criteria set forth under the heading Proposal 1 Election of Directors. |
| Review succession plans, including policies and principles for the selection and performance review of the Chief Executive Officer. |
| Establish criteria for selecting new Directors, nominees for Board membership, and the positions of Executive Chairman and Chief Executive Officer. |
| Review all components of compensation for independent Directors including our Chairman. |
| Determine whether a Director should be invited to stand for re-election. |
| Oversee the Companys ESG Committee. |
Board of Directors and Committees of the Board as of October 30, 2019
NAME | BOARD | AUDIT COMMITTEE |
COMPENSATION AND DEVELOPMENT COMMITTEE |
NOMINATING AND CORPORATE GOVERNANCE COMMITTEE | |||||||||||||
Andrew Graves |
Chair | ✓ | ✓ | ||||||||||||||
Amelia A. Huntington |
✓ | ✓ | ✓ | ||||||||||||||
Wilson Jones |
✓ | Chair | ✓ | ||||||||||||||
Christopher Klein |
✓ | ✓ | ✓ | ||||||||||||||
J. Allen Kosowsky* |
✓ | ✓ | Chair | ||||||||||||||
Robert W. Martin |
✓ | ||||||||||||||||
Peter B. Orthwein |
✓ | ||||||||||||||||
Jan Suwinski |
✓ | ✓ | ✓ | ||||||||||||||
James Ziemer* |
✓ | Chair | ✓ | ||||||||||||||
Total Fiscal Year 2019 Meetings |
13 | 9 | 9 | 4 |
*Our Board has determined that Mr. Kosowsky and Mr. Ziemer are audit committee financial experts as defined in Section 407 of the Sarbanes-Oxley Act of 2002.
Each member of each Committee is independent in accordance with the rules of the NYSE and our Director Independence Standards which are available on our website, www.thorindustries.com.
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Executive Compensation Highlights
CEO Compensation (Mr. Martin)
FY 2019 | METRIC | FY 2018 | METRIC | % CHANGE | ||||||||||||||||||||||||||
Base Salary (1) |
$750,000 | (1) | $750,000 | 0.0 | % | |||||||||||||||||||||||||
Annual Incentive Award |
$5,532,480 | 1.50% (2) | $9,495,435 | 1.50 | % | -41.7 | % | |||||||||||||||||||||||
Long Term Incentive |
$2,766,248 | 0.75% (3) | $4,747,718 | 0.75 | % | -41.7 | % | |||||||||||||||||||||||
Total Compensation |
$9,048,728 | $14,993,153 | -39.6 | % |
(1) Mr. Martins base salary remained unchanged for Fiscal Year 2019.
(2) Mr. Martins Fiscal Year 2019 Annual Incentive Award percentage remained unchanged and was 1.5% of the Companys NBT excluding EHG transaction-related costs and EHG NBT.
(3) Mr. Martins Fiscal Year 2019 Long Term Incentive percentage remained unchanged and was 0.75% of the Companys NBT excluding EHG transaction-related costs and EHG NBT.
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The following Summary Compensation Table summarizes the total compensation awarded to our Named Executive Officers in Fiscal Years 2019, 2018, and 2017:
NAME AND PRINCIPAL POSITION |
YEAR | SALARY ($) 1 |
BONUS ($) 2 |
SHARE AWARDS ($) 3 |
OPTION AWARDS ($) |
NON-EQUITY INCENTIVE PLAN COMPENSATION ($) |
CHANGE IN PENSION VALUE & NONQUALIFIED DEFERRED COMPENSATION EARNINGS |
ALL OTHER COMPENSATION ($) |
TOTAL ($) |
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Peter B. Orthwein (4) |
2019 | 500,000 | | | | 922,080 (5) | | | 1,422,080 | |||||||||||||||||||||||||||||||||||
Executive Chairman |
2018 | 500,000 | | | | 1,582,573 | | | 2,082,573 | |||||||||||||||||||||||||||||||||||
2017 | 500,000 | | | | 1,390,965 | | | 1,890,965 | ||||||||||||||||||||||||||||||||||||
Robert W. Martin |
2019 | 750,000 | | 2,766,248 (6) | | 5,532,480 (7) | | | 9,048,728 | |||||||||||||||||||||||||||||||||||
President and Chief |
2018 | 750,000 | | 4,747,718 | | 9,495,435 | | | 14,993,153 | |||||||||||||||||||||||||||||||||||
Executive Officer |
2017 | 750,000 | | 4,371,035 | | 8,147,650 | | | 13,268,685 | |||||||||||||||||||||||||||||||||||
Colleen Zuhl |
2019 | 600,000 | | 1,069,616 (8) | | 774,647 (9) | | | 2,444,263 | |||||||||||||||||||||||||||||||||||
Senior Vice President and |
2018 | 600,000 | | 1,835,784 | | 1,329,361 | | | 3,765,145 | |||||||||||||||||||||||||||||||||||
Chief Financial Officer |
2017 | 600,000 | | 1,617,980 | | 1,163,950 | | | 3,381,930 | |||||||||||||||||||||||||||||||||||
Todd Woelfer |
2019 | 600,000 | | 848,316 (10) | | 627,014 (11) | | | 2,075,330 | |||||||||||||||||||||||||||||||||||
Senior Vice President |
2018 | 600,000 | | 1,455,967 | | 1,076,149 | | | 3,132,116 | |||||||||||||||||||||||||||||||||||
General Counsel, and |
2017 | 600,000 | | 1,294,384 | | 931,160 | | | 2,825,544 | |||||||||||||||||||||||||||||||||||
Corporate Secretary |
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Kenneth D. Julian |
2019 | 500,000 | | 719,224 (12) | | 368,832 (13) | | | 1,588,056 | |||||||||||||||||||||||||||||||||||
Senior Vice President of |
2018 | 500,000 | | 1,234,407 | | 633,065 | | | 2,367,472 | |||||||||||||||||||||||||||||||||||
Administration and |
2017 | 500,000 | | 1,082,643 | | 558,696 | | | 2,141,339 | |||||||||||||||||||||||||||||||||||
Human Resources |
(1) | All compensation figures in this table are rounded to the nearest dollar amount. |
(2) | The amounts in this column reflect the payment of discretionary bonuses. |
(3) | Share awards were determined in accordance with FASB ASC Topic 718. |
(4) | Mr. Orthwein retired as our Executive Chairman at the end of Fiscal Year 2019. |
(5) | This amount consists of a non-equity incentive plan award paid to Mr. Orthwein for Fiscal Year 2019 equal to 0.25% of our adjusted pre-tax profits for each fiscal quarter during the Fiscal Year. |
(6) | This amount consists of an equity incentive plan award paid to Mr. Martin for Fiscal Year 2019 which was based on a formula equal to 0.75% of our adjusted pre-tax profits. |
(7) | This amount consists of a non-equity incentive plan award to Mr. Martin in Fiscal Year 2019 which was based on a formula equal to 1.5% of our adjusted pre-tax profits for each fiscal quarter during the Fiscal Year. |
(8) | This amount consists of an equity incentive plan award to Ms. Zuhl for Fiscal Year 2019 which was based on a formula equal to 0.29% of our adjusted pre-tax profits. |
(9) | This amount consists of a non-equity incentive plan award to Ms. Zuhl for Fiscal Year 2019 which was based on a formula equal to 0.21% of our adjusted pre-tax profits for each fiscal quarter during the Fiscal Year. |
(10) | This amount consists of an equity incentive plan award to Mr. Woelfer for Fiscal Year 2019 which was based on a formula equal to 0.23% of our adjusted pre-tax profits. |
(11) | This amount consists of a non-equity incentive plan award to Mr. Woelfer for Fiscal Year 2019 which was based on a formula equal to 0.17% of our adjusted pre-tax profits for each fiscal quarter during the Fiscal Year. |
(12) | This amount consists of an equity incentive plan award to Mr. Julian for Fiscal Year 2019 which was based on a formula equal to 0.195% of our adjusted pre-tax profits. |
(13) | This amount consists of a non-equity incentive plan award to Mr. Julian for Fiscal Year 2019 which was based on a formula equal to 0.10% of our adjusted pre-tax profits for each fiscal quarter during the Fiscal Year. |
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Grants of Plan-Based Awards in Fiscal Year 2019
The following table summarizes the grants made to each of our NEOs for Fiscal Year 2019 under our 2016 Plan or other plans or arrangements:
ESTIMATED POSSIBLE PAYOUTS UNDER NON-EQUITY INCENTIVE PLAN AWARDS |
ESTIMATED POSSIBLE PAYOUTS PLAN AWARDS |
GRANT DATE FAIR
VALUE |
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NAME | GRANT DATE |
THRESHOLD ($) |
TARGET ($) 1 |
MAX ($) 2 |
THRESHOLD ($) |
TARGET ($) 1 |
MAX ($) 2 | |||||||||||||
Peter B. Orthwein |
8/11/2018 | $0 | $1,582,573 | |||||||||||||||||
8/11/2018 | _ (4) | | ||||||||||||||||||
Robert W. Martin |
8/11/2018 | $0 | $9,495,435 | |||||||||||||||||
8/11/2018 | $0 | $4,747,718 | $2,766,248 (5) | |||||||||||||||||
Colleen Zuhl |
8/11/2018 | $0 | $1,329,361 | |||||||||||||||||
8/11/2018 | $0 | $1,835,784 | $1,069,616 (6) | |||||||||||||||||
Todd Woelfer |
8/11/2018 | $0 | $1,076,149 | |||||||||||||||||
8/11/2018 | $0 | $1,455,967 | $848,316 (7) | |||||||||||||||||
Kenneth D. Julian |
8/11/2018 | $0 | $633,029 | |||||||||||||||||
8/11/2018 | $0 | $1,234,407 | $719,224 (8) |
(1) | Under our Plan for Fiscal Year 2019, we do not set targets or goals. We compensate on a percentage of our NBT. Due to the lack of identified targets and pursuant to SEC guidance, the targets listed here are representative targets equal to amounts that would be earned in Fiscal Year 2019 under our non-equity incentive plan and under our equity incentive plan based on our Fiscal Year 2018 results. With respect to our LTI, NBT is denominated in dollars, but the relevant percentage of NBT earned will be paid out in restricted stock units in the form of whatever number of shares of the Company on a 1-to-1 basis that amount translates into at the time of the payout. |
(2) | Our 2016 Plan limits total award at $20,000,000. |
(3) | Represents the fair value per share of awards as of the grant date pursuant to FASB ASC Topic 718. |
(4) | Mr. Orthwein was not granted an equity award under our LTI due to his significant equity holdings as a founder of our Company. |
(5) | As shown under the column Share Awards in the Summary Compensation Table and as described in Compensation Discussion and Analysis, Mr. Martin was granted a performance-based equity incentive award under the 2016 Plan payable in restricted stock units equal to 0.75% of our pre-tax profits during Fiscal Year 2019 (the actual grant date fair value of this award was $2,766,248). The restricted stock units vest in three equal annual installments beginning on the first anniversary of the date of issuance of such stock units. Because this award is based on a percentage of our pre-tax profits, it is impossible to calculate targets and meaningful maximum amounts for such awards. Refer to footnotes 1 and 2. |
(6) | As shown under the column Share Awards in the Summary Compensation Table and as described in Compensation Discussion and Analysis, Ms. Zuhl was granted a performance-based equity incentive award under the 2016 Plan payable in restricted stock units equal to 0.29% of our pre-tax profits during Fiscal Year 2019 (the actual grant date fair value of this award was $1,069,616). The restricted stock units vest in three equal annual installments beginning on the first anniversary of the date of issuance of such stock units. Because this award is based on a percentage of our pre-tax profits, it is impossible to calculate targets and meaningful maximum amounts for such awards. Refer to footnotes 1 and 2. |
(7) | As shown under the column Share Awards in the Summary Compensation Table and as described in Compensation Discussion and Analysis, Mr. Woelfer was granted a performance-based equity incentive award under the 2016 Plan payable in restricted stock units equal to 0.23% of our pre-tax profits during Fiscal Year 2019 (the actual grant date fair value of this award was $848,316). The restricted stock units vest in three equal annual installments beginning on the first anniversary of the date of issuance of such stock units. Because this award is based on a percentage of our pre-tax profits, it is impossible to calculate targets and meaningful maximum amounts for such awards. Refer to footnotes 1 and 2. |
(8) | As shown under the column Share Awards in the Summary Compensation Table and as described in Compensation Discussion and Analysis, Mr. Julian was granted a performance-based equity incentive award under the 2016 Plan payable in restricted stock units equal to 0.195% of our pre-tax profits during Fiscal Year 2019 (the actual grant date fair value of this award was $719,224). The restricted stock units vest in three equal annual installments beginning on the first anniversary of the date of issuance of such stock units. Because this award is based on a percentage of our pre-tax profits, it is impossible to calculate targets and meaningful maximum amounts for such awards. Refer to footnotes 1 and 2. |
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Outstanding Equity Awards at 2019 Fiscal Year-End
The following table sets forth information concerning option awards and share awards held by our NEOs as of July 31, 2019:
STOCK AWARDS | ||||||||||
NAME |
NUMBER OF SHARES OR UNITS THAT HAVE NOT VESTED (#) |
MARKET VALUE OF SHARES OR UNITS ($) | ||||||||
Peter B. Orthwein |
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Robert W. Martin |
90,204(1) | $5,376,158 | ||||||||
Colleen Zuhl |
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34,605(2) |
$2,062,458 | |||||||
Todd Woelfer |
27,749(3) | $1,653,840 | ||||||||
Kenneth D. Julian |
23,848(4) | $1,421,341 |
(1) Mr. Martin received a restricted stock unit award of; 22,487 units on October 10, 2016; 34,052 units on October 10, 2017; and 60,006 units on October 11, 2018. These units vest in three equal annual installments commencing on the one-year anniversary date of each of the awards respectively.
(2) Ms. Zuhl received a restricted stock unit award of 8,995 units on October 10, 2016; 12,605 units on October 10, 2017; and 23,202 units on October 11, 2018. These units vest in three equal annual installments commencing on the one-year anniversary date of each of the awards respectively.
(3) Mr. Woelfer received a restricted stock unit award of 7,870 units on October 10, 2016; 10,084 units on October 10, 2017; and 18,402 units on October 11, 2018. These units vest in three equal annual installments commencing on the one-year anniversary date of each of the awards respectively.
(4) Mr. Julian received a restricted stock unit award of 7,870 units on October 10, 2016; 8,434 units on October 10, 2017; and 15,601 units on October 11, 2018. These units vest in three equal annual installments commencing on the one-year anniversary date of each of the awards respectively.
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Option Exercises and Shares Vested in Fiscal Year 2019
There were no options exercised by our NEOs in Fiscal Year 2019. None of our NEOs own options, and none were awarded in Fiscal Year 2019. The following table summarizes information regarding the vesting of share awards for each NEO in Fiscal Year 2019:
STOCK AWARDS | ||||||||||
NAME | NUMBER OF SHARES ACQUIRED UPON VESTING (#) |
VALUE REALIZED ON VESTING ($) |
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Peter B. Orthwein |
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Robert W. Martin |
27,520 | $2,171,725 | ||||||||
Colleen Zuhl |
9,801 | $773,202 | ||||||||
Todd Woelfer |
8,586 | $677,508 | ||||||||
Kenneth D. Julian |
8,036 | $634,190 |
Non-Qualified Deferred Compensation for Fiscal Year 2019
The following table shows the contributions, earnings, and account balances for Fiscal Year 2019 for the NEOs participating in our Deferred Compensation Plan:
NAME | EXECUTIVE CONTRIBUTIONS IN FISCAL YEAR 2019 1 |
REGISTRANT CONTRIBUTIONS IN FISCAL YEAR 2019 |
AGGREGATE EARNINGS IN FISCAL YEAR 2019 |
AGGREGATE WITHDRAWALS/ DISTRIBUTIONS |
AGGREGATE AT 7/31/19 |
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Colleen Zuhl |
$40,000 | | $15,044 | | $299,709 | |||||||
Todd Woelfer |
$55,350 | | $31,964 | | $600,754 | |||||||
Kenneth D. Julian |
$25,430 | | $13,775 | | $273,312 |
(1) | The amounts shown as contributions are also included in the amounts shown as Fiscal Year 2019 salary column of the Summary Compensation Table on page 63. |
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The Company has no employment or similar agreements with any NEO with provisions regarding severance or change in control benefits.
Our Deferred Compensation Plan provides for payment of the vested deferred amounts upon termination of employment and following a change in control. Under our Deferred Compensation Plan, if an NEOs employment terminated on or before July 31, 2019, or if the NEO died or became disabled, the entire vested account balance (reported in the Aggregate Balance at 7/31/19 column of the Non-Qualified Deferred Compensation table above) would be paid. A change in control would also trigger payment to the NEO. The Outstanding Equity Awards at 2019 Fiscal Year-End table provides the fair value of outstanding restricted units that would have vested upon a change of control and either a corresponding change in employment status or the failure of the acquirer to assume such awards occurring as of July 31, 2019.
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THOR INDUSTRIES, INC. ATTN: W. TODD WOELFER 601 EAST BEARDSLEY AVENUE ELKHART, IN 46514 |
VOTE BY INTERNET - www.proxyvote.com Use the Internet to transmit your voting instructions and for electronic delivery of information. Vote by 11:59 P.M. ET on 12/12/2019. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form.
ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS If you would like to reduce the costs incurred by our company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access proxy materials electronically in future years.
VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions. Vote by 11:59 P.M. ET on 12/12/2019. Have your proxy card in hand when you call and then follow the instructions.
VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.
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TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: |
KEEP THIS PORTION FOR YOUR RECORDS |
DETACH AND RETURN THIS PORTION ONLY
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. |
For All |
Withhold All |
For All Except |
To withhold authority to vote for any individual nominee(s), mark For All Except and write the number(s) of the nominee(s) on the line below. |
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The Board of Directors recommends you vote FOR the following:
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1. Election of Directors |
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Nominees |
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01 Andrew Graves 02 Amelia A. Huntington 03 Wilson Jones 04 Christopher Klein 05 J.Allen Kosowsky |
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06 Robert W. Martin 07 Peter B. Orthwein 08 Jan H. Suwinski 09 James L. Ziemer |
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The Board of Directors recommends you vote FOR the following proposal(s) |
For | Against | Abstain | |||||||||||||||||||||||
2. Ratification of appointment of Deloitte & Touche LLP as our independent registered public accounting firm for our Fiscal Year 2020. |
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3. Non-binding advisory vote to approve the compensation of our named executive officers (NEOs). |
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NOTE: Such other business as may properly come before the meeting or any adjournment thereof. |
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Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. |
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Signature [PLEASE SIGN WITHIN BOX] |
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Signature (Joint Owners) | Date |
Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: The Notice & Proxy Statement, Annual Report is/ are available at www.proxyvote.com
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THOR INDUSTRIES, INC. Annual Meeting of Shareholders December 13, 2019 1:00 PM CST This proxy is solicited by the Board of Directors |
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The undersigned shareholder of Thor Industries, Inc. hereby appoints Andrew Graves and W. Todd Woelfer, and each of them, as proxies, each with the power to appoint his substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side of this proxy, all of the shares of Common Stock of THOR INDUSTRIES, INC. that the shareholder(s) is/are entitled to vote at the Annual Meeting of Shareholder(s) to be held at 1:00 PM, CST on December 13, 2019, at The Waldorf Astoria Chicago, 11 East Walton Street, Chicago, IL 60611 and any adjournment or postponement thereof. In their discretion, the proxies are authorized to vote upon such other business as may properly come before the meeting or any adjournments or postponements thereof.
This proxy, when properly executed, will be voted in the manner directed herein. If no such direction is made, this proxy will be voted in accordance with the Board of Directors recommendations.
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Continued and to be signed on reverse side
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